Laserfiche WebLink
City fails to issue disposition instnlctions within 120 days, Contractor shall apply the standards <br /> of 4(a)(1), 4(a)(2)(b) and 4(a)(3)(b). <br /> b. Federally -owned nonexpendable personal property. Unless statutory authority to <br /> transfer title has been granted to an agency, title to Federally -owned proeprty remains vested by <br /> law in the Federal Government. Upon termination of the grant or need for the property, such <br /> property shall be reported to the the City for further agency utilization, or if appropriate for <br /> reporting to the General Services Administration for other Federal agency utilization. <br /> Appropriate disposition instructions will be issued to the grantee after completion of Federal <br /> agency review. <br /> 5. Contractor's property management standards for nonexpendable personal property shall <br /> also include the following procedural requirements. <br /> a. Property records shall be maintained accurately and provide for: a description of <br /> • <br /> the property; manufacturer's serial number or other identification number; acquisition date and <br /> cost; source of the property; percentage of Federal funds used in the purchase of property; <br /> location, use, and condition of the property; and ultimate disposition data including sales price or <br /> the method used to determine current fair market value if Contractor reimburses the City for its <br /> share. <br /> b. A physical inventory of property shall be taken and the results reconciled with the <br /> property records at least once very two years to verify the existence, current utilization, and <br /> continued need for the property. <br /> c. A control system shall be in effect to insure adequate safeguards to prevent loss, <br /> damage, or theft to the property. Any loss, damage, or theft of nonexpendable property shall be <br /> investigated and fully documented. <br /> d. Adequate maintenance procedures shall be implemented to keep the property in <br /> good condition. <br /> e. Proper sales procedures shall be established for unneeded property which would <br /> provide for competition to the extent practicale and result in the highest possible return. <br /> 6. When the total inventory value of an unused expendable personal property exceeds $500 <br /> at the expiration of need for any Federal grant purposes, the Contractor may retain the property <br /> or sell the property as long as he compensates the Federal Government for its share in the cost. <br /> The amount of compensation shall be computed in accordance with 4a(2)(b). <br /> jAwpolmnnw■l 36'03I\agtec119991edbglpropcny management atandaAvwpd <br /> Exhibit F Page 4 of 4 <br />